The Bainbridge Cos., a Wellington, Florida-based owner, operator and developer, has opened two new multifamily properties at practically the same time, both of them in Orlando, Florida, according to two news releases shared with Multifamily Dive.
Bainbridge The Grand, a 390-unit property, is located on the southeast end of the city, off the I-4 Express highway and close to Universal Studios theme park. Bainbridge World Center, a 341-unit development, is further south, close to Walt Disney World, Lake Nona Town Center and Lake Buena Vista.
Both are mid-rise properties; the Grand sports a darker color palette and a U-shape around a central courtyard, while World Center consists of four separate buildings around a central courthouse and pool.
Orlando is currently the sixth-most competitive multifamily market in the country, according to RentCafe data, with more long-term growth on the horizon. The city anticipates that its population will increase by 46% over the next 20 years, according to its growth management plan.
At the same time, by 2050, the city expects that its multifamily stock will rise 56%, or 56,000 new units, with the largest share of its future growth concentrated in the southeast section of the city.
Units at The Grand range from one to three bedrooms that are from 687 to 1,506 square feet in size and feature plank flooring, stainless steel appliances, kitchen islands, walk-in closets, in-unit laundry and keyless entry. World Center’s apartments also range from one to three bedrooms, from 791 to 1,488 square feet in size, with similar unit offerings.
Community amenities at The Grand include a saltwater pool and sundeck, an outdoor fireplace and TVs, a cyber cafe with a coffee bar, individual and group offices, EV charging stations, a game room, an outdoor turf area with lawn games and hammocks, a dog park and spa and a fitness center. World Center offers a pool, a game room, private and coworking spaces and a club room with an entertainment island.
The Grand and World Center are only the latest out of over a dozen Bainbridge developments in Orlando and the surrounding area. In December, the company opened Bainbridge Nona North, a 252-unit property near the Orlando International Airport, three miles from the Lake Nona master-planned community.
“Bainbridge has a long track record of successful apartment developments located within the Orlando market, [and] 1,100 new units under construction,” Bob Thollander, president of development at Bainbridge, told Multifamily Dive last year. “We remain bullish on this market due to the favorable forecasted growth in key economic indicators, such as population growth due to in-migration/relocations, household formation, job growth and major enhancements to transportation.”
